A Blockchain Based Sustainable Digital Insurance Business Parametric Solution Architecture to Protect Realtime QSR Business Interruption Losses

An insurance policy will reimburse the company if something bad happens to something that is covered under the policy to bring sustainability to the business. The process of settling a dispute can take a long time because there are many people involved. Parametric insurance is different from traditional insurance. Traditional insurance is a type of insurance in which a company pays out a certain amount of money, no matter what happens. Parametric insurance is designed to protect policyholders from certain events, by paying out a set amount depending on the severity of the event. In the perishable food and quick service restaurant sector, disruptions caused by delays are one of the types of events that parametric insurance may be able to cover. Supply chain delays can happen for several reasons. Events like adverse weather, heavy traffic, and poor road conditions can all slow down the supply chain of perishable food items and groceries. On the other side for smaller QSRs, footfall may be reduced drastically on specific conditions. Parametric-based insurance starts processing claims when a certain event takes place. Insurance claims may be processed automatically by the terms and conditions provided in the policy definitions, and delays that result in undesired scenarios may be insured. Building parametric insurance policies using the conventional centralized database approach is possible, but there are trust difficulties because the data is vulnerable to manipulation. This study explores the approach to the issue and the software architecture of the dependable blockchain-based digital technologies supporting parametric perishable food and QSR supply chain insurance. We will go into detail about the user experience, technological solutions, deployment issues, and insurance for parametric services. The proof of concept for parametric insurance was completed, and the resulting blueprint may be applied to more use cases in adjacent industries.